Idaho Strategic Reports Second Quarter 2026 Operating and Financial Performance

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Postmedia has not reviewed the content. by Business Wire Idaho Strategic Reports Second Quarter 2026 Operating and Financial PerformanceAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.Highlighted by a 13.25% Increase in Revenue to $10,732,335THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountCOEUR D’ALENE, Idaho — Idaho Strategic Resources, Inc. (NYSE American: IDR) (“IDR”, “Idaho Strategic” or the “Company”) today announced its consolidated operating and financial results for the second quarter ending June 30, 2026. Operating and financial results for the second quarter include:Operational Performance:Q2 2026% ChangeQ2 2025Ore Tonnes Processed11,0948.34%10,240Average Flotation Feed Grade (gpt)7.89-20.86%9.97Ounces Produced3,047*1.23%3,010All-In Sustaining Cost Per Ounce ($USD)$2,261.8116.08%$1,948.53FinancialPerformance ($USD):Q2 2026% ChangeQ2 2025Revenue$10,732,33513.25%$9,476,739Total Cost of Sales$4,700,60717.49%$4,000,953Gross Profit$6,031,72810.15%$5,475,786Net Income Attributable to IDR$3,651,59631.95%$2,767,458Earnings Per Share (EPS)$0.2315.00%$0.20Average Realized Gold Price$4,277.5332.70%$3,223.38*includes in-process ore stockpile inventoryGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againIdaho Strategic’s President and CEO, John Swallow stated, “We had a modest record Q2 year over year comparison in revenue, net income, EPS and ounces produced (along with record meters of underground mine development), however the second quarter was one of those where the numbers also don’t tell the full story. In addition to the expected increase in exploration field programs and the ramp up of construction activity at the Murray mill, there were unexpected events that tested our team. Overall, I am happy with the resiliency we showed and our ability to adjust on the fly to ultimately produce another positive quarter despite these challenges.During the planned transition period from mining the H-vein to mining the Jumbo vein and development to the Paymaster, a section of the lower H-vein was encountered where the H-vein widens and flattens out as it approaches its intersection with the Idaho Fault. This transitional zone hosts slightly lower gold grades but higher tonnages resulting in about the same number of ounces as modeled but with a different orebody geometry than previous mining of the H-vein higher in elevation. This transitional zone required a slight change in mining methods to a drift and fill method with as many as four cuts side by side to efficiently recover the gold ore.Also, during the quarter, a wildfire caused the New Jersey mill to shut down and evacuate from approximately June 16th to June 24th. Ultimately, all of Idaho Strategic personnel and equipment were unharmed but valuable processing time was lost at the end of the quarter that resulted in a strong last-minute push from our milling crews to do their best to make up for the lost time in the remaining days and nights prior to the end of the quarter on June 30th.Moving forward, we have a much better understanding of the lower H-vein stopes, we’ve advanced the development and mining timeline of the high-grade Jumbo vein, and our development to the Paymaster is modestly ahead of schedule. Considering the circumstances both within our control and outside of our control, I am pleased with our performance.”Golden Chest Highlights for Q2 2026 Include:At the Golden Chest, ore mined from underground stopes totaled approximately 12,835 tonnes with all of the tonnage coming from H-Vein stopes.During the quarter, a record 384 meters of development was completed between three projects: the Paymaster, the MAR and the Jumbo. A new portal, the No. 2, was established in early May to develop the high-grade Jumbo vein. From the No. 2 portal, an up-ramp was driven and connected to the No. 1 portal providing a secondary escapeway and allowing for production from the Jumbo vein to begin in the third quarter. Another quarterly record of 4,860 cubic meters of cemented rockfill backfill was placed during the quarter.For the quarter ended June 30, 2026, a total of 11,094 dry metric tonnes were processed at the Company’s New Jersey Mill with a flotation feed head grade of 7.89 gpt gold and gold recovery of 91.4%. Milling operations were affected by a wildfire adjacent to the mill in June where access to the mill was blocked for one week. Luckily there was no damage to the mill or the Company’s equipment, though some of its timberland did burn.The Company received the permit to construct a new tailings storage facility from the Idaho Department of Water Resources at the Golden Chest. Construction began in the quarter with the relocation of a low-grade stockpile and continued with building of the embankments and diversion structures.Construction continued on the new mill at the Golden Chest with the installation of the fine ore bin, placement of the screen, foundations for the ball mill, and electrical work throughout the mill building. Engineering, design and procurement activities continued for the new mill also, and conveyor fabrication is also underway.An exploration program consisting of surface and underground core drilling was continued during the second quarter at the Golden Chest. Approximately 10,000 meters of drilling were completed targeting the Paymaster and the H-vein.Rare Earth Highlights for Q2 2026 Include:Included in the inaugural list of companies that make up the Sprott Rare Earths Ex-China ETF (REXC).Initiated metallurgical work at SGS Laboratory on representative samples from two of IDR’s REE prospects.John Swallow concluded, “I continue to believe that the combination of gold production backing significant exploration of rare earth elements, gold, and copper-silver is proving to be the right business plan at the right time. Despite the price action of gold during the quarter, global central banks continue to make it a focal point of their strategies moving forward and it is undoubtedly playing a larger role as a neutral reserve asset in the global monetary system. Additionally, the United States (along with end user participation) has continued to show support for redomiciling its rare earth elements supply chain amid the looming deadlines toward the end of this year that could see a reintroduction of China’s dual-use export controls and new domestic sourcing requirements for rare earth elements vital to many national defense and advanced manufacturing industries. Finally, we are seeing a tightening of the copper market that is being reflected in the copper prices where we are anticipating a large increase in demand due to new power requirements led by datacenter buildout and AI, combined with many global producers running into operational challenges and a widespread decrease in the global copper grades.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.I make these comments to point out that there are a number of tailwinds behind the company, and we are capitalizing on these opportunities while remaining focused on our shareholders and playing to our strengths. I am looking forward to the remaining summer months and the results of the investments we are making in our future.”Notes accompanying the financial statements below can be found in the Company’s quarterly report filed this morning with the SEC on EDGAR.IDR’s Vice President, Grant A. Brackebusch, P.E. is a qualified person as such term is defined under S-K 1300 and has reviewed and approved the technical information and data included in this press release. About Idaho Strategic Resources, Inc.Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also controls the largest rare earth elements land package in the United States. The Company’s production-backed exploration business plan was established in anticipation of today’s volatile geopolitical and macroeconomic environment. In addition to gold production, the Company has built a substantial land position in Idaho across multiple commodities, providing significant exploration exposure to gold and rare earth elements – in addition to thorium, copper, and silver. IDR finds itself in a unique position as one of the only publicly traded companies with growing gold production and significant blue-sky potential for discovery and development.For more information on Idaho Strategic Resources, please visit www.idahostrategic.com or call:Travis Swallow, Investor Relations & Corporate Development Email: tswallow@idahostrategic.com Phone: (208) 625-9001Idaho Strategic Resources, Inc.Condensed Consolidated Statements of Operations (Unaudited)For the Three and Six-Month Periods Ended June 30, 2026 and 2025June 30, 2026June 30, 2025Three MonthsSix MonthsThree MonthsSix MonthsRevenue:Sales of products, net$10,732,335$25,214,621$9,476,739$16,755,275Total revenue10,732,33525,214,6219,476,73916,755,275Costs of Sales:Cost of sales and other direct production costs3,854,9678,058,5703,459,2156,490,044Depreciation and amortization845,6401,559,425541,7381,091,359Total costs of sales4,700,6079,617,9954,000,9537,581,403Gross profit6,031,72815,596,6265,475,7869,173,872Other operating expenses:Exploration1,730,8793,120,2282,244,7613,616,194Management243,785433,428268,214532,959Professional services98,520279,871153,260336,998General and administrative295,640518,667223,735460,753(Gain) loss on sale of equipment–(632)68,942308,840Total other operating expenses2,368,8244,351,5622,958,9125,255,744Operating income3,662,90411,245,0642,516,8743,918,128Other (income) expense:Equity (income) loss on investment in Buckskin Gold and Silver, Inc(1,245)(1,077)159(1,187)Loss on investment in equity securities and mutual funds–304,241––Timber revenue net of costs–(3,209)(2,848)(6,704)Dividend income(13,233)(68,765)––Interest income(677,372)(1,069,390)(220,409)(405,804)Total other income(691,850)(838,200)(223,098)(413,695)Income before income taxes4,354,75412,083,2642,739,9724,331,823Income tax provision726,9142,086,234––Net income3,627,8409,997,0302,739,9724,331,823Net loss attributable to non-controlling interest(23,756)(42,558)(27,486)(44,614)Net income attributable to Idaho Strategic Resources, Inc$3,651,596$10,039,588$2,767,458$4,376,437Net income per common share-basic$0.23$0.64$0.20$0.32Weighted average common share outstanding-basic15,813,07515,804,12314,007,58213,837,894Net income per common share-diluted$0.23$0.63$0.20$0.31Weighted average common shares outstanding-diluted15,983,25415,979,29914,134,53113,939,790Idaho Strategic Resources, Inc.Condensed Consolidated Balance Sheets (Unaudited)June 30, 2026December 31, 2025ASSETSCurrent assets:Cash and cash equivalents$8,234,662$9,889,765Investments in US treasury notes31,770,86527,679,881Investment in equity securities–4,129,521Investment in mutual funds–3,957,497Gold sales receivable2,961,8093,912,922Inventories1,892,670965,112Joint venture receivable11,47812,760Other current assets641,231799,261Total current assets45,512,71551,346,719Property, plant and equipment, net of accumulated depreciation25,214,24319,503,962Mineral properties, net of accumulated amortization20,531,09315,742,370Investments in US treasury notes, non-current32,391,18527,651,843Investment in Buckskin Gold and Silver, Inc.346,159345,082Investment in joint venture435,000435,000Reclamation bonds456,720355,220Deposits5,130,238858,534Total assets$130,017,353$116,238,730LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payable and accrued expenses$2,321,147$1,904,589Accrued payroll and related payroll expenses539,221409,212Notes payable, current portion831,3811,029,336Income taxes payable48,416334,446Total current liabilities3,740,1653,677,583Asset retirement obligations335,981325,451Notes payable, long term1,293,4461,302,048Deferred income tax liabilities1,486,87791,700Total long-term liabilities3,116,3041,719,199Total liabilities6,856,4695,396,782Commitments Note 5––Stockholders’ equity:Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding––Common stock, no par value, 200,000,000 shares authorized; June 30, 2026 – 15,819,065 and December 31, 2025 – 15,705,199 shares issued and outstanding102,137,12099,828,021Retained earnings18,381,3098,341,721Total Idaho Strategic Resources, Inc stockholders’ equity120,518,429108,169,742Non-controlling interest2,642,4552,672,206Total stockholders’ equity123,160,884110,841,948Total liabilities and stockholders’ equity$130,017,353$116,238,730 Forward Looking StatementsThis release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Often, but not always, forward-looking information can be identified by forward-looking words such as “intends”, “potential”, “believe”, “plans”, “expects”, “may”, “goal’, “assume”, “estimate”, “anticipate”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, assumptions, intentions, or statements about future events or performance. Forward-looking information includes, but are not limited to, IDR’s comments about gold playing a more central role in global central banking, the looming dual-use export controls and domestic sourcing requirements for rare earth elements, the tightening of the global copper market, our understanding of the lower H-vein stopes, the continued high-grade nature of the Jumbo vein, and our development timeline to the Paymaster area. Forward-looking information is based on the opinions and estimates of Idaho Strategic Resources as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of IDR to be materially different from those expressed or implied by such forward-looking information. Investors should note that IDR’s claim as the largest rare earth elements landholder in the U.S. is based on the Company’s internal review of publicly available information regarding the rare earth landholdings of select companies within the U.S., which IDR is aware of. Investors are encouraged not to rely on IDR’s claim as the largest rare earth elements landholder in the U.S. while making investment decisions. The forward-looking statement information above, and those following are applicable to both this press release, as well as the links contained within this press release. With respect to the business of Idaho Strategic Resources, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreaks; interpretations or reinterpretations of geologic information; the accuracy of historic estimates; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, and energy prices), ground conditions, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in Idaho Strategic Resources filings with the SEC on EDGAR. IDR does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.View source version on businesswire.com: Travis Swallow, Investor Relations & Corporate Development Email: tswallow@idahostrategic.com Phone: (208) 625-9001Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.